Ethereum could be gearing up for a rally, This is why.
A look at the historical price movement of ETH shows that it has been respecting the 200 Day MA alot. Using that point of value as our precedent for this chart, we can see that the decline in price is close to the 200 Day MA.
This will act as our support. What we should be looking for is a retest and rebound to the upper band of the channel and then a consolidation at the upper band. In other not to get into a force breakout, we wait for a breakout first then a close higher up i.e. market forming new price structure.
Another thing to put in mind is come January, money might be flowing back into cryptocurrencies. So we should be expecting a decent and healthy uptrend.
Invalidation
The above analysis will be invalid if price breaks below the 200MA and it fails to break back higher.
Indicators to watch
200MA
20 period RSI
Share your thoughts in the comments section. See you on the green side
This will act as our support. What we should be looking for is a retest and rebound to the upper band of the channel and then a consolidation at the upper band. In other not to get into a force breakout, we wait for a breakout first then a close higher up i.e. market forming new price structure.
Another thing to put in mind is come January, money might be flowing back into cryptocurrencies. So we should be expecting a decent and healthy uptrend.
Invalidation
The above analysis will be invalid if price breaks below the 200MA and it fails to break back higher.
Indicators to watch
200MA
20 period RSI
Share your thoughts in the comments section. See you on the green side
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